AIG Guaranteed Issue Review: Get The Inside Scoop Here!

Written by Choice Mutual | Last updated: June 24, 2018

AIG Guaranteed Issue

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Do you have questions about AIG guaranteed issue final expense insurance?

Then you’re in the right place.

Today we are going to break down their entire policy. From their rates to when it’s a smart buy, we left nothing out.

Want to know the best part?

This article could help you save a ton of money on a final expense policy, and we show you how could get final expense coverage that has no waiting period 😮.

Keep reading or click on one of these links below to jump to the section that interests you.

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  1. Full Breakdown Of AIG Guaranteed Acceptance Insurance
  2. AIG Guaranteed Issue Rates [See Actual Prices]
  3. When This Policy Is A Smart Buy
  4. Ways To Purchase AIG Burial Insurance
  5. Can You Get A Policy Without A Waiting Period?
  6. How To Find The Best Final Expense Insurance For YOU
  7. Who Is AIG?

 

AIG Guaranteed Issue Whole Life Insurance Breakdown

AIG final expense coverage is a guaranteed issue whole life insurance policy to cover burial or other funeral expenses.

There are no health questions or any medical underwriting of any kind. Your acceptance is guaranteed.

Since it’s a whole life policy, the way it works is very straightforward.

  • Coverage can never decrease
  • The policy can’t expire at any age
  • Premiums can never increase
  • Non-cancellable except for non-payment

That’s all there is to it. Your policy will literally never change. Only you can change it.

Want to see a consumer brochure? Click here if so.

AIG Guaranteed IssueSince the policy is a type of life insurance, upon your passing AIG will cut a tax-free check for the payable face amount directly to your beneficiary.

There’s no rules or restrictions regarding how the money is used.

The whole idea is that every funeral home in America will take cash. The policy gives your family the money needed to pay for your end of life expenses. If there’s money left over, it would simply stay with them to enrich their lives as they see fit.

Whether you need insurance to cover a cremation or burial, AIG’s guaranteed issue whole life plan will provide the funds so your family won’t have to.

 

AIG Final Expense Insurance Product Availability

As is the case with all insurance, this AIG burial insurance policy has limits on the amount of coverage you can buy, and where it’s sold.

  • States Offered: All 50 & DC except NY
  • Issue Ages: 50-85
  • Face Amount Options: $5,000- $25,000
  • 2 Year Waiting Period: Yes
  • Purchase Options: Through independent agencies such as Choice Mutual or from AIG Direct (there’s no difference in price regardless of who you buy from)

 

A Standard Waiting Period

Because their policy is guaranteed acceptance, it has a two-year waiting period before the policy will pay out a death benefit.AIG Guaranteed Issue

This is important

All guaranteed issue final expense policies (with any company) will have a minimum two-year waiting period. There’s no such thing as a no health question policy with 6 month or a 1 year waiting period. It’s always at least two years.

So during the first two years, AIG will refund all premiums you’ve ever paid plus 10% interest. After two years, the policy will pay out the full face amount for any reason moving forward.

There is one exception to the waiting period however…

The one exception to the two-year waiting period is accidental death. If you pass away from an accident (car or plane crash, a tree falls on you, etc) the full amount will payout even if the accidental death occurs during the first two years.

 

AIG Burial Insurance Has Living Benefits

AIG guaranteed life insurance is the only guaranteed issue final expense carrier that offers living benefits with their policy.

AIG Guaranteed Issue


Please Note: Any policy sold in CA will not include either rider, and the terminal illness rider is not available in District of Columbia.


They include, at no extra charge, these two riders on every policy.

  • Terminal Illness Rider: If you are ever diagnosed with a terminal illness and given a life expectancy of 24 months or less, you can access up to 50% of your death benefit early. This rider is only available after the two-year waiting period has passed.
  • Chronic Illness Rider: Allows for a one-time lump sum payment if the insured becomes chronically ill (cannot perform 2 out of 6 activities of daily living).

Again, both of these riders are included with every policy. You do not have to pay extra for them.

There is no other guaranteed issue policy that offers any living benefits. Pretty cool huh 😃.

 

AIG Guaranteed Issue Whole Life Rates

Below are actual prices for AIG guaranteed acceptance final expense insurance.

The cost of final expense insurance depends on a few variables. Please remember your final insurance price will depend upon the following criteria:

  • Your exact age
  • Gender of the insured
  • Face amount selected
  • Resident state of the insured

Oh and don’t forget

You are not limited to these face amounts. AIG will allow you go purchase any whole number between $5k and $25k. For example, you could buy $7,000, $13,000, $22,000 etc.

Female Rates

AGE$5,000$10,000$15,000$20,000$25,000
50$18.92$35.83$52.74$69.66$86.57
55$20.93$39.86$58.78$77.71$96.64
60$23.57$45.14$66.70$88.27$109.84
65$28.26$54.51$80.76$107.02$133.27
70$36.21$70.41$104.62$138.83$173.03
75$48.91$95.82$142.73$189.63$236.54
80$68.56$135.12$201.69$268.25$334.81
85$103.10$204.20$305.31$406.41$507.51

Male Rates

AGE$5,000$10,000$15,000$20,000$25,000
50$26.96$51.92$76.89$101.85$126.81
55$29.25$56.50$83.74$110.99$138.24
60$32.58$63.17$93.75$124.33$154.92
65$37.55$73.09$108.64$144.18$179.73
70$47.57$93.14$138.71$184.28$229.85
75$63.25$124.49$185.74$246.98$308.23
80$88.57$175.15$261.72$348.30$434.87
85$150.43$298.86$447.30$595.73$744.16

 

When It’s A Good Idea To Buy This AIG Policy

Make no mistake, AIG guaranteed issue final expense offers a very competitively priced no health question plan. For folks who truly need or want a no health question policy, it’s often a superior choice relative to the options out there.

But here’s the deal…

There are only certain situations where AIG’s guaranteed policy is your best option. This policy is not right for everyone. AIG isn’t a like Alex Trebek life insurance or AARP burial life insurance where it’s a bad option all around. For some folks, it’s a great deal.

Take a look at the list below. These health situations are generally when someone should buy a guaranteed issue policy which would mean AIG is a great option.

cremation insurance

This list isn’t completely exhaustive, but it does represent a vast majority of the reasons why someone would be best served by a guaranteed acceptance life policy.


Insider Tip: if you don’t have any of these health conditions, you can probably qualify for a plan with underwriting. That will result in a plan without a waiting period and a lower premium. Call us at 1-800-644-2926 and one of our agents will figure it out for you in less than 60 seconds.


Bottom line?

If none of these situations apply to you, you probably shouldn’t buy a guaranteed issue plan. You should instead try for a policy with underwriting. Just call us and we’ll find you one 😎.

However should you have some of these health issues, AIG is likely your best bet, and you should sign up now.

  • Currently confined to a nursing home, hospice care, hospital, or any medical facility
  • Alzheimer’s or dementia or ever taken any drugs to treat memory problems
  • Dialysis
  • Been advised to have an organ transplant
  • Full blown stroke within the last 12 months (TIA mini stokes don’t count)
  • HIV or AIDS
  • Insulin shock or diabetic coma within the last 24 months
  • Heart attack within the last 12 months
  • You’ve had or been treated for cancer in the last 24 months
  • Terminal illness with a life expectancy of 24 months or less
  • Heart or circulatory surgery within the last 12 months
  • ALS
  • Congestive heart failure with diabetes
  • Amputation due to diabetes within the last 24 months

If you don’t have any of those health issues, there’s a 90% chance this AIG guaranteed life insurance policy is not your best option.
Call us and we’ll find you a plan that likely covers you immediately and costs much less.


 

How To Buy AIG Final Expense Insurance

It’s actually very easy to sign up for an AIG burial insurance plan. Regardless of how you purchase your plan, you can expect that it will be fast and painless.

You have two options regarding who you buy from.

  1. Work with an independent agency licensed to sell AIG products
  2. Contact AIG Direct (they only represent AIG rather than multiple companies)

So the first step it to choose who you buy AIG final expense insurance from.

cremation insurance

The next step is for you to decide how you buy it…

You have two options. Regardless of who you buy from (independent agent or AIG Direct) you will experience one of the following application processes.

Just tell your agent which suits one you best.

  1. Voice signature: With this option, your AIG agent will gather all your information over the phone. They’ll obtain the necessary authorizations to have the policy setup according to your specifications. You sign the application all via voice. There’s no need to physically sign anything. The phone call takes care of it all. On average the call will take about 8 minutes from start to finish. Afterwards, you’ll have a physical policy in hand in less than two weeks.
  2. Email signature: In this scenario, your AIG agent will gather all your information via telephone. They put this info into their system whereby an email will go out for you to sign the application electronically. Essentially, you click a few buttons to sign it and you’re done. In less than two weeks you have a printed policy in your hands. The email signature option can take as little as five minutes.

 

Working With An Independent Agent Vs AIG Direct

One of the most common questions we are asked is if there is a difference in price if you buy direct from AIG instead of through an agency like Choice Mutual. The answer is no. The price is identical.

Here’s why the price is the same…

Insurance companies must file their rates and applications with each state department of insurance. No insurance company can deviate from these rates. That’s why any insurance company’s price is the same no matter who you buy their coverage from.

Take a look at AIG’s rates here in case you missed them. You will not find different prices for this product no matter who you contact.

You are probably wondering… Do I go with an independent agent or AIG Direct?

cremation insurance

Always go with an independent agent (even if it’s not Choice Mutual).

Here’s why we say that…

An independent agent can evaluate your situation to see if there is a better option for you. And you know what…

For most folks there is!

And if it turns out that AIG final expense life insurance is your best option, we can sign you up just as easily as AIG Direct could.

And remember

If you contact AIG Direct, they cannot offer you something else. All they can sell you is AIG. They don’t have 18 whole life final expense insurance companies to choose from like we do. They have only 1.

Bottom line?

Working with an independent agent could result in much lower premiums and funeral insurance coverage for seniors with no waiting period.

Isn’t that with exploring?

 

Can You Get A Policy That Has No Waiting Period?

Nobody knows what tomorrow brings which is why most people would prefer a policy that covers them immediately rather instead of having to wait two years.

So how do you get an immediate benefit burial insurance plan?

Here’s the truth

The only way to get coverage that has no waiting period is to apply for a plan where you are answering questions about your health.

Just remember: No health questions= 2 year waiting period EVERY TIME. There are no exceptions to this rule.

AIG Guaranteed Issue

To get immediate coverage, you must find a carrier whereby you can answer no to all or most of their health questions.

The key thing to remember is that final expense carriers only care about the health issues that appear in their health questionnaire.

If they do not ask about something, it means they are okay with it!

Here’s the deal

Take a look at this list again further up in this article if you haven’t already. That list encompasses the majority of health issues where a waiting period is unavoidable.

If you don’t have any of those health issues, there’s a high chance we could get you immediate coverage.

Lastly, you cannot get a no waiting period plan without working with an agent.

Plans with health questions are only sold through agents. If you don’t want to speak with someone, you will have a two-year waiting period.

If you want some no pressure friendly help finding a plan with an immediate benefit, just call us. It will take one of our agents less than 60 seconds to find you a policy without a waiting period if it’s possible.

 

How To Choose The Best Policy For You

Finding which company is best for you is actually quite simple.

At the end of the day your goal is to find a plan that has the following criteria:

  • The insurance company is financially stable
  • Policy protects you as much as possible as soon as possible (we are referring to no waiting period)
  • Monthly premiums are market competitive

Any plan that meets the above criteria is one you’ll want to acquire as soon as possible.

AIG Guaranteed Issue

Remember, final expense policies from all these different carriers function the same.

Outside of state availability or face amount options, the only meaningful difference between them is their underwriting and price.

Here’s an example of what we mean.


Let’s say Jane is 60 years old. She doesn’t smoke, but she’s a type 2 diabetic and uses insulin. In addition, she also takes medications for high blood pressure and cholesterol.

With many carriers, she would easily qualify for immediate coverage and the lowest rate possible.

Now there are some final expense companies that would charge her more and/or impose a waiting period because of her insulin. However, those carriers are irrelevant because there are many other companies that won’t do that.

Let’s say the list of financially stable companies she would qualify with is 10 (it would actually be much more).

The key thing to understand is all these 10 companies are offering the exact same policy to Jane.

The only difference is what they charge for the insurance.

So in the end, she should simply select which one offers her the best rate. She could certainly choose one in particular regardless of price if she is partial to a certain company.


That process is how an agency like us will help you find your best plan.

As mentioned earlier, it may be an AIG guaranteed issue final expense plan, but it may not be.

Everyone’s situation is unique. For that reason, there is no one company that can be best for everyone.

 

Evaluating All Companies On The Market To See Which One Is Best For Your Situation

Now that you know how to identify your best policy, it begs the question: How do you evaluate all the companies available in your state, so you can figure out which one is best for YOU?AIG Guaranteed Issue

You may not like this answer but it’s the truth.

The answer is you can’t. Only an agent can do this for you.

You’re probably thinking why do I need an agent?

There’s a two main reasons.

 

1) Only an agent can figure out which companies will accept you.

There’s dozens of final expense companies on the market and they all have different underwriting. Agencies like us are familiar will what health issues they accept and decline.

There’s simply no way for you to figure out which ones will take your health issues and which ones won’t. In addition, every carrier has a prescription drug guide. These guides detail which medications they’ll accept and which ones they won’t. Only agents have access to the application and underwriting guidelines.

2) Immediate benefit plans are only sold through agents.

You can call any final expense company you want and tell them you want to sign up. They will all simply take your information down and have an agent call you back to sign you up. Only two year waiting period plans are sold directly from any given insurance company.

The insurance companies rely on agents for underwriting to minimize their risk.

Burial insurance companies need us to assess your health to determine which product if any you qualify for. It’s our job to underwrite by gathering information about your health and lifestyle to determine your eligibility. On our end, we must sign sworn statements confirming that we asked you all the health questions and that all answers are truthful to the best of our knowledge.

 

One final note about working with an agency.

Our job isn’t to sell you. That’s your job. It’s up to you to determine if and when you want the peace of mind that a final expense plan affords.

When YOU have made that choice, then it’s your agents job to find you the best deal. We are like your own personal shopper.AIG Guaranteed Issue

And don’t forget

You can always contact an agent if you have questions or just need information before you decide. You don’t have to buy right away.

With Choice Mutual, we will give you time if you need it. We can’t speak for other agencies but with us we won’t pressure you. We’ll allow you to buy when you are ready.

 

About AIG

AIG actually stands for American General Life Insurance Company. They started back in 1888 and have been providing many lines of insurance for over 100 years.

They operate in every state in the USA including DC. In addition, they have operations in over 80 countries and jurisdictions.

They maintain and A+ rating with A.M. Best and they have ample cash reserves. By all accounts they are incredibly financially stable, and you can rest assured they will have the money to make good on their insurance promises when the time comes.

Below is their contact info:

About ChoiceMutual.com
About ChoiceMutual.com

Choice Mutual is an independent agency licensed in all 50 states including DC. We work with over 20 highly rated final expense life insurance companies, so that we can compare offers from all of them to find you the best deal.

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